Analyst Report: Exelon Corp.


Summary

Exelon Corp. is a leading pure-play energy provider with transmission and distribution operations in the U.S. and headquarters in Chicago. Exelon spun off its generation business, which was about 60% nuclear, as Constellation Energy. Constellation is now a publicly traded company focused on generation and competitive distribution, while Exelon focuses on regulated transmission and distribution. In conjunction with the February 2022 Constellation spinoff, EXC shareholders received one share of CEG for every three shares of EXC. Exelon shares were repriced as a result of this separation.

As of December 2024, Exelon has about 9.2 million electric customers and 1.4 million gas customers through its regulated utility subsidiaries. Its service regions are primarily in central Maryland (Baltimore Gas & Electric Co.), northern Illinois (ComEd), and sout



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